Taylor v. Alliance Trust Co.

Citations

• 71 Miss. 694

Syllabus

<p>1.Corporations. Foreign. Holding land. Public policy. Comity.</p> <p>Under eh. 38, code 1880, and the act oí 1882 (Laws, p. SO), there is no public policy making a distinction between the rights of foreign and domestic corporations as to ownership of lands in this state. Nor does comity authorize such a distinction.</p> <p>2. Trust-deed. Installments. Default. Foreclosure.</p> <p>Where notes due at different dates are secured by trust-deed which authorizes foreclosure for the whole indebtedness on non-payment of either of the notes, foreclosure may be had when there is default as to one of the notes, although there is no stipulation in the notes that all shall become due in such event. Dwnton v. Sharpe, 70 Miss., 850.</p> <p>3. Surety. Satisfaction of judgment. Bona fide purchaser.</p> <p>While under ? 998, code 1880, mere payment of a judgment by a surety does not release the principal or co-sureties, and execution may issue against them, yet, where such a payment is made, and the paying surety procures the plaintiff to indorse upon the record of the judgment a receipt for the money, reciting that it is “in full payment of this judgment, and the same is fully satisfied, and she is authorized to do therewith as she sees proper,” the judgment cannot afterwards he asserted as against a subsequent bona fide purchaser of lands from the principal debtor. Yates v. Mead, 68 Miss., 787, distinguished.</p>